, 1887-08-06

during the year 1856, our gains coming Gus
at the respectable figure OF ST. ,929. only
twice before in the Company's history have
we succeeded in attaining q larger proht, the
last occasion being IN 1873, when we nao
over 100000 on theright side of the account.
While congratulating ourselves on the spien-
did result Of the years operations, we ought
not to lose sight of the fact that fire insurance
has many ups and downs in it's history. We
have made more money this year than we
made in the whole of the preceding i've years
taken together. This is perhaps g sufficient
answer 10 any. shareholder who inquiries
whether we might not have ventured on this
occasion to increase our dividend or declare
a higher bonus. The directors ofa ire office,
be they as careful as they may, can never
guess when or where or how severely theymay
be hat, and our path of wisdom is to continue
to build ND our reserves and strengthen our
position, in view of the normou response
bilities imposed upon US by our engagements
under fire insurance contracts in every quar-
ter of the globe. Our life department. main
tains it's ground in g. satisfactory way, new
policies for upwards of e425, 900 having been
taken out in the course OF the past year.
The claims fo1 death were moderate IN
amount-e123 600 odd-and the funds belong
ing TO the life. department now exceed two
millions. Ours is an Office which gives very
special advantages to life policy holders.
for our system combines in an unusual
way in q way which, l may say, Is
almost if not altogether confined to our
selves, the advantages of the mutual lie
Offices combined with the benefits of connec-
ton with such q proprietary as yours-(ap-
plause). AS our peculiar features become
more generally understood the result can
hardly fail to be q steady increase IN our lie
assurance business. It will also be crafty
ing to you to observe that, notwithstanding
the low rates of discount and interest now
prevalent, we have been able to maintain our
revenue from the item OF interest. Indeed, /
might lay claim that we have been able to in
crease it, for, as you willobserve, the revenue
which we enjoy from interest of our invest
ments, after crediting the life departments with
kheir share, amounts to E58, 604-an increase
over. the year preceding of &3,S4S, and a sum
lgegertthanfw we have been able to take credit
for on any previous occasion. i must, how
ever. explain that we owe this favourable
state of matters to the circumstance, not that
we are able TO secure q higher percentage for
our money, but that our capital itself ls In
creased. The resolution by which at our last
meeting you made a substantial addition to
the reserve fund, and the balances which you
then carried down on account OF profit and
loss have already borne fruit in an increased
revenue from. interest-(hear, hear. You
: have thus the satisfaction of rejecting that
in adding to the fire fund of the Company out
of the profits. of a good year, according to our
long established practice, you were at once
swelling the reserve from which your future
dividends are to. flow, and contributing to
establish the perpetual solidity of our noble
institution-(applause) If you will now
turn with me to the middle page of the print
ed report you will find in detail that, with
the balance off235, 8O1 brought forward from
1885. the profit on the fire account for 1886
and the, interest on our large invested funds,
there 10 d. balance now disposable of
1881 15s. Cd. The directors propose
to appropriate this by adding to the
fire. reserve fund sR75,OO0; which will
bring it to e675.0o0; to pay a further
dividend of Cos per share. being 4Os
per share for the year, which will absorb
100000; and to pay an additional or second
bonus of IS q share. absorbing 81, 500, leav-
ing to-be carried forward to the current year,
1887. e22.624 los 6d-(applausel. Gentle.
men, | think every one of us must be pleas
ed and satisfied with q return of Sos q share
for theryear l8~96--appfause). At the COM
mencement of thai year the value of the
shares in the open market was ESQ or there
shouts. sometimes o little. UP and some.
tinesa little down. as the fancy took
: shareholders. / cannot but think that 5
azmrr. cent Ia a very good, rate of